Royce & Associates LP lessened its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 4.2% in the 3rd quarter, Holdings Channel reports. The firm owned 448,267 shares of the financial services provider’s stock after selling 19,875 shares during the period. Royce & Associates LP’s holdings in Peapack-Gladstone Financial were worth $13,847,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of PGC. WBI Investments Inc. acquired a new position in shares of Peapack-Gladstone Financial in the 2nd quarter valued at $1,220,000. Swiss National Bank grew its holdings in shares of Peapack-Gladstone Financial by 12.1% in the 2nd quarter. Swiss National Bank now owns 29,700 shares of the financial services provider’s stock valued at $1,027,000 after buying an additional 3,200 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Peapack-Gladstone Financial by 114.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 479,856 shares of the financial services provider’s stock valued at $14,822,000 after buying an additional 256,156 shares during the period. California Public Employees Retirement System grew its holdings in shares of Peapack-Gladstone Financial by 38.7% in the 2nd quarter. California Public Employees Retirement System now owns 38,725 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 10,811 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Peapack-Gladstone Financial by 29.0% in the 3rd quarter. Bank of Montreal Can now owns 51,225 shares of the financial services provider’s stock valued at $1,583,000 after buying an additional 11,506 shares during the period. Hedge funds and other institutional investors own 71.49% of the company’s stock.
Several brokerages have recently issued reports on PGC. BidaskClub raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 29th. Zacks Investment Research lowered shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. ValuEngine lowered shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $36.00 target price on shares of Peapack-Gladstone Financial in a research note on Wednesday, October 31st. Three research analysts have rated the stock with a sell rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $37.50.
Shares of NASDAQ PGC opened at $26.83 on Thursday. The firm has a market capitalization of $516.18 million, a P/E ratio of 13.83 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.04 and a quick ratio of 1.04. Peapack-Gladstone Financial Co. has a 1-year low of $25.82 and a 1-year high of $38.00.
Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Friday, October 26th. The financial services provider reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.03). The company had revenue of $39.13 million during the quarter, compared to analyst estimates of $42.08 million. Peapack-Gladstone Financial had a return on equity of 9.83% and a net margin of 22.25%. Sell-side analysts expect that Peapack-Gladstone Financial Co. will post 2.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Thursday, November 8th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Wednesday, November 7th. Peapack-Gladstone Financial’s payout ratio is presently 10.31%.
In related news, CFO Jeffrey J. Carfora bought 1,500 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 5th. The stock was purchased at an average cost of $28.21 per share, with a total value of $42,315.00. Following the purchase, the chief financial officer now owns 81,116 shares in the company, valued at $2,288,282.36. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Douglas L. Kennedy bought 1,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 5th. The stock was bought at an average cost of $27.96 per share, with a total value of $27,960.00. Following the completion of the purchase, the chief executive officer now owns 100,049 shares in the company, valued at approximately $2,797,370.04. The disclosure for this purchase can be found here. 4.84% of the stock is currently owned by corporate insiders.
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Peapack-Gladstone Financial Profile
Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
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